If so, bailout funding will keep flowing to greece. If not, there will be another round of emergency talks late this week. On friday, the eurozone agreed to extend the bailout funds for another four months. We want we won the battle but not the war. The real difficulties including those related to the negotiations in our relationships with our partners are still ahead. Alexis tsipras says the new agreement wipes out previous pledges to cut wages, pension, government jobs. Security has been tight at the largest mall in the u. S. After a terrorist threat. The terror Group Alshabaab called for an attack on u. S. Canada and u. K. Specifically mentioning the mall of america new minneapolis. Jeh johnson says these are threats people must take seriously. If anyone is planning to go to the mall of America Today that to be particularly careful. As the statement you read indicates, the will be enhanced security that will be apparent federal security as well . There will be enhanced security. Johnsons agency runs out of money on friday. Homes security funding has been tied up and comers because republicans are angry over president obamas lanes to protect undocumented immigrants from deportation. Apple is making its biggest ever investment in europe. The iphone maker will spend almost 2 billion Building Data centers in ireland and denmark. They will run services such as itunes and maps. They are set to open in 2017. A big deal in pharma, 10. 1 but in dollars in cash 10 point one but in dollars in cash. Lester, valiant was thwarted in a long time attempted by allergan. The maker of botox. Valeant is known as a serial acquirer. It buys companies and then cut r d cost to boost profits. Botox. Tom has no gross feet crows feet. Birdman was the big winner. It is about a washed up actor it won 4 oscars including best picture of mr. Rector. Another winner, Julianna Moore one for best actress in her role in the movie still alice. Which i did not see, but i heard was wrenching. Thank you so much. I read an article that said winning an oscar could lead to living five years longer. If that is true, i would really like to thank the academy because my husband is younger than me. Julianna moore and the celebration last night. The best actor award went to 80 Redmayne Eddie redmayne. He pretrade Stephen Hawking in the theory of everything. The euro plunges as we speak, down to 112. 97. That is without question the number one thing to watch with what is going on in ukraine, particularly, greece. Oil dropping like a rock as well. 50 all of the sudden, 49. 83. Lets move on, if we can. A good tone in the equity markets. The wrubel finally goes with the news ruble finally goes with the news. Or dan greeley, help me out. This is the u. S. 10 year yield. This is the portuguese yield. Jonathan pharrell highlighting this. John farrow highlighting this. Portugal, tenure is the same as the u. S. 10year. Known as more annoyed than the Prime Minister a portugal. They have been doing everything right. Everything that were supposed to do. They dont have that problem right now. I would agree this is more u. S. Growth, little higher yield. This is much more of that deflation move as well, the gaming of deflation. That is unbelievable portugal with the same yield as the united states. Lets begin our coverage in berlin. It is been a year since the ouster of ukraines viktor yanukovych. Thousands marched in kiev yesterday. Rebels reportedly attacked a small coastal village. Hans nichols is in berlin. All are focused on the rebels. I want you to frame for our u. S. Listeners how crucial this new front could be to the south of kiev. Is support for several reasons, not the least of which it marks an escalation in what had been the previous ceasefire. Yet a ceasefire that hasnt been observed very well. Theres conflicting reports on whether or not they will be drawing back from the front lines. This is something entirely new. Yet when Angela Merkel last weighed in on this over the weekend in paris, she still wants to give the ceasefire hope. Doesnt seem to be a whole lot of tangible reasons to have hope. We are Foreign Ministers meeting tomorrow in paris. All on hopes of the ceasefire. I am not certain where this optimism is coming from. On friday, kiev was asking briefly for you and keys papers peacekeepers. The latest whiff heard the latest we have heard, talking more about the importance of the Foreign Ministers meeting and sticking to the ceasefire agreement. I havent heard specifically for foreign troops them a peacekeepers but that said peacekeeping request wasnt really taken all that seriously in european capitals. It seems like were a long way from finding some sort of peacekeeping force equity eventually be in this zone. You are in berlin. What is missed merkel focused on this morning, greece or ukraine . Like all things with chancellor merkel, both. And other things were not even digging about. The greece situation significant. We have no specifics. Germany needs specifics if theyre going to approve this package. The greek trauma continues in athens. Drama continues in athens. The government is grappling to appease. What is the greek Leadership School this monday . The greek leaderships goal is pretty much the impossible. On the one hand, it has to submit a list of proposals to the eurogroup that satisfies people like chancellor merkel in the finance minister, while at the same time mutating solidarity within the syriza government that was swift into power on the back of preelection promises that it was going to and austerity. What is obvious is that austerity is here to stay. The question is, how austerity is defined. Greece won some measure of the definition on friday, but it remains to be seen how the finance minister Yanis Varoufakis plans to put it into practice. All that we of heard from the government thus far this morning were promises to the greek people. Weve not seeing anything of substance as to how greece is going to meet the target set forth by the eurogroup. After two or three weeks since the new greek government has come in office, what do you think mr. Alexis tsipras and Yanis Varoufakis have learned about dealing with europe besides perhaps wearing a tie . A lesson that Brendan Greeley has also picked up on. What have they learned about dealing with europe . They have almost no leverage. Lets put it that way. Greece is bound to the terms of the bailout. What Yanis Varoufakis and Alexis Tsipras wonder was some control over their own destiny and they won some of that. As i put it to our colleagues this morning, they still have to hack off one of their limbs. The situation before was the ecb, the imf, and European Commission were telling greece which of their limbs had to be hacked off, and other greek government gets to decide is it going to be my left arm, my right leg . At the end of the day, it amounts pretty much to the same thing. Erik schatzker, continuing coverage in athens. We have breaking news. This is out the door with the ceo and the force takes over taking over at dish network, mr. Clayton is out this morning. He has been there for about four years. That shows the turmoil in the industry. Dish used to be its own separate operation. Look at the different cell phone providers but into the same services that dish is, that business is changing. A perfect way to set us up for a conversation. Lisa brimelow with is with us this morning. And Brett Wallace joins us as we look at initial Public Offerings in the market. So much of this has created destruction. Dish or comcast or bloomberg or anybody has to face the constant changing technology. What do you see now as the force of Creative Destruction for this year . The signs of his are all over the place. What is interesting, if you are a snap chat or Whatsapp User first would you pay nothing, that ensures revenue for those who used to charge you for text messages. As an example, when i look at the extrapolation of the values in your area, you look at the actual documents, you read the documents. How do you extrapolate out, 19 million . By the way, tom is a snap chat user. When we start what is interesting, you did not get 19 billion ford, you got 2 of facebook for the whatsapp. And extrapolation on the extrapolation. No one knows what tomorrow looks like. Everybody is playing for the over the verizon horizon future. We know the disruption is happening. What it is i doubt later, we shall see. This is a place your thing deflation in the economy. I saw an article this morning how the sharing economy is bringing down everything from taxis so tells. And what rett was talking, whatsapp taking over for texting. It is all just bits. You cant distinguish between tv and texting, it is all just bits. Coming up, the Obama Administration wants to change the way Financial Advisors offer retirement advice. Wall street not happy about it. We will tell you why coming after the break. This is bloomberg surveillance. Good morning, bloomberg surveillance. In ukraine, the headline still come out, some key of forces and government officials talking about some form of import and capital controls currency moves on the bloomberg monitor. You can see this spike. That is all within the last 30 seconds, maybe 45 seconds. Currency crisis in ukraine, to say the least. Lets get to our top headlines. We begin in nigeria or female suicide bomber killed at least seven in the town. Witnesses said the young looking girl jumped a rope barricade at a mobile phone market before detonating explosives. At least 30 were injured. No immediate claims of responsibility. Ogre from has waged a violent boko haram has waged a violent measure. Prime minister tony abbott today announced plans to strengthen immigration laws and crackdown on groups that incite hatred. The measure is aimed to stop homegrown terrorists. The country will point point of counterterrorism chief. North korea, barring foreigners from aprils don young caps on. The reason . Ebola fears. The country still closed his doors to foreigners. Those are some of your top headlines. You start a new job look for options for your 401 k , make a choice and move on. New rules published this morning, the white house is arguing you might have been steered into a high fee plan. That essentially, the big layers and personal finance do not have your best interest at heart. Heres what a lobby group said. It is stunning this is the view the administration at the highest levels has of an entire industry. This from Francis Creighton peter cook, Financial Services roundtable sounds really, really hurt. What does the white house say it is fixing . The white house says what it is fixing, basically, conflicted advice that right now, if you have a 401 k or retirement account, an ira, that right now the broker who is serving you potentially could be giving you advice that is not perhaps in your very best interest. They want to change the Legal Standard by which those brokers do have to offer advice from simply Investment Decisions that are suitable for you, because of your age, income, that sort of thing, to a fiduciary standard. They must put the clients interest first. They say what theyre getting at theyre getting away from the situation where a broker might offer you advice because it steers them to the has amount of compensation first, the highest commissions, the highest fees as opposed to the best advice they could be offering you as a retiree worried about your future. What will this mean . Your choices will be different how . Your choices will be different in terms of the person youre talking to. The choices for them will be different. They will have the face of higher Legal Standard going forward. What is happening today, the white house is basically encouraging the department of labor to move forward with these new rules to send them over to the office of management and budget for review over the next couple of months. The industry have a chance to weigh in and explain why these are bad ideas. This kicks off what is going to be a really toted toe fight with wall street over this change in Legal Standard. It is a big deal. Were talking about 11 trillion. You make this change right now, a lot of folks on wall street will say, youre going to reduce the choices available to retirees and limits their options, limit the amount of advice they can get. But the spirit of the law does seem pretty simple. Requiring brokers to act in the interest of their clients. In young wall street are opposing this. Theres a huge financial lobby. Walk us through the argument against it. The argument against it is a couple of things. First of all simply, the sheer number of products that might be available to retirees, the options will be limited because they wont have as many choices. People with smaller accounts right now, those people with lower amines, they simply wont be able wall street wont be able to offer advice to those particular people because it is not going to be costeffective. They wont be able to offer them the same kind of options. They wont get the advice they might otherwise get. Obtusely, it is a bad thing for the Financial Firms because they wont make as much money obviously, it is a bad thing for the Financial Firms because they wont make as much money. In the next hour, Scott Galloway will join us from New York University. We will talk a little bit about the oscars, but much more with Scott Galloway on retelling america and branding. Stay with us. This is bloomberg surveillance. Todays mustread from the wall street journal the numbers look similar in the u. S. As they do in europe. More and more adults are choosing not to have children. Theyre living longer, living alone, and are huge unintended social consequences for this. One problem, you are not having enough children to take care of all of the retirement needs in old age. You need lots and lots of kids paying into that. Another thing you see in the developing world as well, one thing that is naturally happening as gdp per capita increases in developing country, people have less children. It is a natural consequence of having more money. They like to have a life. As a mother of Young Children it is a pretty large burden have two children but it does teach you how to think about people other than yourself. Really . Long some marriages are out and that has profound social consequences not just the fact that reproduction rates are going down to the extent we can no longer afford social security. Yet to be a millennial to call them reproduction rates. Im sorry, what do you call them when you are not a millennial . Can we talk about the new york state math curriculum . What did you do this weekend . I try tos the i try to sleep as much as possible. 27 of children in the u. S. Are born into fatherless homes. 40 of children are born out of wedlock. This is an enormous trend, similar in europe. A woman in belgium every productive age has a 4 likelihood of getting married and having a baby. I think are our traditional social ways of taking care of kids and your parents. As those things evaporate, were not yet officially replacing them with statebased solutions. For women, working women, if you dont have child care it is convenient and not too expensive, it becomes cost prohibitive for you to work. Certainly true. Do you believe the debate is mostly a debate of people making 400 million 400,000, one lane dollars a year. I think this is a debate about people who cant, who are working for less money than they have to pay out for childcare. We got lisa fired up. This is a very important topic for me. This brings us up to our twitter question of the day hes out there. Theres a guy out there whose making a name for himself in a sport where your name and maybe a number are what define you. Somewhere in that pack is a driver that can intimidate the intimidator. A guy that can take the king 7 and make it 8. Heck. Maybe even 9. Make no mistake about it. Theyre out there. I guarantee it. Welcome to the Nascar Xfinity series. Good morning, bloomberg surveillance. Im still getting over dakotas dress. Here is Olivia Sterns. Russia wilson another socalled humanitarian aid convoy to eastern ukraine. In the past ukraine has accused these convoys of being used to deliver weapons to prorussian rebels instead of eight. Ukraine says those rebels have resumed their attacks on government troops. Both sides have agreed to start withdrawing heavy weapons from the battles owns. The government increase is trying to satisfy voters and european area finance ministers. Greece has until the end of the day today to come up with a new list of financial policies in exchange for funding. That is part of the agreement to extend bailout funds for greece for four months. The greek finance minister spoke in athens. Were in the process of compiling the list. It will be submitted in good time for them to have as much time as possible to assess it. Were pretty confident were very confident that the list is going to be approved by the institutions and therefore, we are embarking on a new face of stabilization and growth. The greek government wants to make good on election promises and show voters it will be able to raise wages and pensions. Those are barred under the current bailout agreement. Two big problems that hsbc falling profits and a tax evasion scandal. The fullyear earnings fell 17 . Meanwhile, the bank is still dealing with fallout from a report on how it handled swiss accounts for tax evaders and criminals. Ports along the west coast are coming back to life today after a labor dispute. Dockworkers resolved the ninemonth contract standoff late friday. Cargo backlog from ships waiting offshore may take eight weeks to clear. Since november, they had reduced productivity at the ports by as much as half. Very good. 11 students at wesleyan university, Middletown Connecticut had been hospitalized after an apparent mass Drug Overdose. The University Says students took the club drug known as molly. At least one of the students is in critical condition. It is a pure form of ecstasy. It produces euphoria, sensory distortion, and no jokes can be made. This is tragic. It is at every school. To the oscars birdman was flying high at the Academy Awards. The story of a washed up actor trying to stage a comeback one 4 oscars including best picture and best director. Another winner, Eddie Redmayne one for his best pitch best actor for his betrayal of Stephen Hawking in the theory of everything. Thank you. Thank you. Thank you, to the academy. I dont think im capable of articulating quite how i feel right now. I am fully aware that i am a lucky, lucky man. He was great on the red carpet. He spoke english. Julianne moore won for best actress for her role in the emotional still alice. Those are your top headlines. I havent seen it yet. I thought was so exciting about this oscars, everybody won for best actor, supporting or lead it was their first allstar. That was really, really charming. I also loved to go to johnsons dress dkaota johnsons dress. We will get to that in a little bit. Global wall street used to read the red herrings. The initial perspectives of initial Public Offerings. If you do now. One who reads of word for word prints them out, rett wallace. Gives him a terrific understanding of the 50 shades of grey friends a, february 2015. The headline is, there is no ipo s. The 50 shades of grey friends i think theres one dylan registration now called max point. It is an ad to copy that nobody is ever heard of. Yet there is always private money going after the tech ipo. Is that a good or bad sign . Picking up on that, a great oped that bill gurley wrote saying, basically we have a bubble in violations and bubble of money coming in here. Weve seen in 2015 so far i think 8 billion in change flying into large cap what is the difference between now and 1999 . He is saying it is a bubble. Im asking you. Were seeing more private money in the tech sector then in ipos in all of 2014 put together. Is it like 1999 . Totally different. What is different is bill gurley talks about fab. Com as an example of what happens when vcs get too excited and lose millions of dollars. What is different, this time, it is just the vcs at risk as opposed to retail mainstream. I want to bring up some data we pulled from your report. What were seeing is growth in valuation at the point of the ipo. Are we discovering that theres no growth after the ipo . What is interesting about that graphic you pulled up people talked about the old days as if we want to bring them back. Like, turn those machines back on, bring those brokers back in here. Amazon with public on 16 million of trailing sales. The message that comes out analyses like no gurleys, those days are over and theyre not coming back. The configuration of wall street has gone and the new normal is largecap. It does mean you have to have vc money in the early rounds. You dont want to go to the public you say what is different about today in 1999, these copies are generating a lot of revenue but still not profitable. I saw a funny article, the new rules, one is, thou must not be profitable when you go public. This is a great argument for why these companies should be private. Why do we want to take Companies Public . Looking at the Current Issue of business week, there was an article about the container store. Even with 700 odd Million Dollars in revenue, is this a company that should be public . Uber doesnt go public . They will have to go public for the liquidity. It might be appropriate for a lot of these companies to stay private. Coming up, the price you need to pay to say, were going to disney world. If only i could say that, i would examine a little children happy in my household. That price just got a little higher. We will tell you how much. This is bloomberg surveillance. Good morning, bloomberg surveillance. Out at Rbc Capital Markets writing up an overweight on health care. They mince no words about it. They still love the biotech area. And as citigroup, gung ho on general motors. He reiterates that this morning. Lets get to our single best chart. When in greeley is gung ho on mortgaging the children. Really . Youre going after mortgage them to take them to disney world. Are they watching . No. But they do know what disney world is. If i would like them to see their frozen show, and i do, i will have to pay more than 100 for every little blonde head. 105 stop ticket prices have outstripped inflation. This data is from allears. Donnet. This is ingested for inflation. Adjusted for inflation. In 1971, the omission price was 3. 50, 10 times the price of it gallon of gasoline. So 20 today. Today, 26 times the price of gas. This affects the entire economy of central florida. You see the other theme parks raise their prices in tandem with disney. Disney drives that economy. Tom, have you been there . I have been to orlando just to give speeches. I have never been there with children. The grandparent affect. Grandparents take them. The children go to a week long lacrosse camp that is 4. 5 days. Thank you, disney. Lets turn to lease abramowitz. Lease abramowitz . I try to stay far from showing much of an anything that would make them work what but you have to work so hard to keep your kids from the exposed to the idea of disney world. If you let the disney dvd run too long if you dont sprint downstairs and turn it off the second the movie is over, turns into an advertisement for disney world. Clever. A basic take his, go to disneyland in california, which is much smaller have you been there . Many times. Much more charming. To make 105 worth it, to a child who is pretty young how do you do that . You cant see everything. They get tired. How do you make it for them, it is not about the rides, it is about meeting the real princess, the real characters. You can meet scary elmo in times square, that is true. I read this article by the women who play the princesses and all the things they do to make the girls feel special look whisper in the kids are i know youre special. Meeting the actual princess you are ruining it for your children. Theyre not awake yet. The theme parks is one third of their bottom line for disney. Remember when the south side thought the theme parks were dead 20 years ago or so . Just movies and cartoons. Boy, did they get that wrong. The second they buy new property taxes shown in theater they immediately turn it around and turn it into a theme park property. Theyre doing it now with star wars you see it in the music business. Records were gone, and now it is in the concerts were the make money. 105 for a ticket. Today marks the 70th anniversary of the you would jim a flag photo. Shown raising the American Flag on top of the gentleman to the left, i was on a true this week in an arlington in the snow, and they highlighted on the tour off the distance was his grave. I tell you, it is something to go down there and observe it anytime of year, but in the snow a very powerful image, and i photograph taken by joe rosenthal, who later won a Pulitzer Prize he did not know at the time that he had taken that iconic photograph. Nobody had a digital camera. Turkey recapitulating the photo. I wonder if that would be a selfie today. Number two, outside the International Space station, astronauts successfully completed a spacewalk. The Mission Begins the assembly of a new docking port. Spacex and boeing will send the first personal vehicles ever to the International Space station in 2017. The First Mission took the astronauts 6. 5 hours to complete. Our number one photo of the day, what were you doing last night . I was watching the 87th annual Academy Awards. Sienna miller and an Oscar De La Renta groundgown. The dress was just at new york fashion week. Another of the big winners of the night was the dress that Dakota Johnson more. The star of 50 shades of ray. Fire engine red gown that featured a diamond question in crested trim. I thought she looked fabulous. Was this more fun than the actual oscars . Yes. Did you watch it . Dont kick me out of here, but i dont have a tv. A lot of people dont. A lot of younger people the average age of the oscar viewer is 52. 5 years old. A lot of people who cap at the red carpet were just watching i was busy snap chatting. I was not. I did. The actual ceremony is really boring. How many times can you watch some of the get up and say thank you, i want to thank the academy . Doogie howser in his skivvies. Im going to start the music right now. Boston is nearing 100 inches of snow. Coming up, we discussed the Economic Impact of this little white flurries. This is bloomberg surveillance. Streaming on your tablet, phone, and in boston, on bloomberg. Com. Good morning, bloomberg surveillance. Watching the euro 113. 09. A bit stronger the last 20 minutes. Top headlines, here is Olivia Sterns. Russian News Agency Says this in another convoy of aid to separatist rebels in ukraine. Debt britain greece facing a major deadline today. So that greece can get an extension of its bailout. At least 69 people are dead after a ferry sank in a thing that is river. It was hit by a cargo ship. A children were among the victims. The death toll could rise. Seven months ago, about 100 people died when a ferry capsized on the same river. In egypt, the retrial of two of the zero journalists has been postponed until march 8, facing terror related charges in a case widely criticized by human rights organizations and media groups. Mohammed fahmy and baher homage were freed to a rate mohammed were freed to await trial. Champion of nascars biggest race. Joey logano steered his board to victory in the daytona 500. He was dropped in 2012, but picked up by roger penske. Those are your latest top headlines. We had great responses to our twitter question. I had no idea that Leonardo Dicaprio has never won an oscar. I have to point out breaking news for the greeley family, we were talking about the price of disney rising. Ive a text from my wife no you should respond, let it go turning to the weather, this past few weeks nearly 100 inches of snow have fallen on boston in the past month. The metro area is only eight inches away from its snowiest winter on record. The last most snow year was 1996. Matt rogers is a meteorologist and the founder of the commodity weather group, a firm that helps to both manage their investments based on the weather. 100 inches of snow, was that in your forecast . No, it was not. That is an impressive number. There one snowstorm away from being the snowiest winter. What is the cold weather doing to the commodities market . It was a slow start to this winter. I have been calling it a lastminute winter. In the last month, february has cranked up and natural gas, which had a sluggish start this winter, compared to last winter has picked up the pace in terms of demand and the overall pricing and everything. It has got more interesting. This february is on track for the u. S. To be the coldest since 1979. We had a relatively warm december. Here in february, we are waiting for spring now, but it has been impressive. Does cheap oil change the energy mix in winter . I wondered about that as well, wondered about everything was cheap, even natural gas was cheap. Theres not much of a conservation effect. With so much cold, right now, as were talking, it is 3 below in chicago, 1 below in 11 blow in minneapolis. Gas is relatively cheap. How will this affect markets next winter . When people are thinking about the coming winter, they look back to the last winter . Last winter is a huge benchmark and last winter was a big winter altogether but right now, theyre trying to figure out what the end of season storage number is going to be before we start moving back into injection season, starting to resupply the natural gas surplus situation. The math has changed because this week was really cold and next week coming up in the first week of march is going to be really cold as well. Theyre having to reanalyze the data to try to figure out what our indepth season number is going to be to set the stage up for the summer and that sets up the stage for next winter. There are a lot of the pieces of the puzzle that have to be figured out now. Lisa the story of 2014 was blame the weather, blame the weather. That is the reason we saw the sharp drop in gdp. Do you think we will see that again . So far, the data has been fairly positive people are saying despite the weather, the net economics outlook seems to be more positive. You are seeing that reflected in yields. This month, are rising. Yes, i imagine that was still be the excuse, because why not blame the weather . Were been talking about boston them up at this winter is effective power markets all over the country, right . Yes, certainly. There is been a lot of demand on the power side. The pjm the midwest, this morning, down in texas, dealing with frozen precipitation in dallas. There is been a lot of demand spikes in power too. It is really been the last three weeks. The first half of winter has been fairly quiet. In february, it has really picked up. Can i ask a quick controversial question . Do you believe humans are causing Climate Change . I believe there are some influences been involved. Im a little cautious on some of the climate models. I look at models everything will day. There is a lot of limitations to what science can do in terms of predicting the future. I am a little skeptical about the details on the models all right. I agree there are some things going on. Matt rogers, thank you for joining us from washington, d. C. Janet yellen will speak. What does it mean for you . Absolutely nothing. It is important to say that. When companies change the evaluation by 10 billion between two financing rounds and these are largely equity only company is, it is not really relevant to these guys. Are using the guy the market is so distorted, you cannot get a measure of value . No, these are because of companies, interestingly, which are backed companies are kind of private equity companies. Traditionally, control private equity buyers would lever a company, meaning he would have to put that on the company. Debt isnt something you see very often in my market. Is an ipo now a secondary offering . Interestingly, ipos used to happen early as financing events. Now theres an interesting piece the wall street journal put out about the 80 or so companies that are valued over 1 billion in for the ones that have already gone public, theyre listed as exited. Fundraising happens in them private market. Thank you so much. In forex, bureau takes over. The euro takes over. Stay with us. Another hour of bloomberg surveillance. This is bloomberg surveillance. Tom rebels attack a village east of mariupol. Kiev struggled to maintain order in kharkiv. Greece will send a list of measures to brussels today. Janet yellen will provide guidance, will Congress Listen . This is bloomberg surveillance. This is monday, february 23. Joining me, Olivia Sterns and Brendan Greeley. Olivia more fighting in ukraine. The government says rebels attacked ukrainian soldiers with artillery and automatic weapons. Both sides said they have a great to start they have agreed to start withdrawing heavy weapons. They have completed a Prisoner Exchange since the ceasefire eight days ago. Greek Prime Minister Alexis Tsipras has until the end of the day today to come up with a new list of reforms. If they go far enough, bailout money will keep flowing to greece. Friday, the eurozone agreed to extend the bailout for 4 months. Tsipras told his country theres more work to be done. We won a battle but not ework. The war. The real difficulties including those related to the negotiations come are still ahead. Olivia tsipras said the agreement wipes out previous pledges to cut pensions and government jobs. Brendan security tightened at the largest mall in the u. S. Due to a terrorist threat. Ouch about al shabaab called for attacks and specifically mentioned the mall of america. Jeh johnson said these are threats people must take seriously. If anyone is planning to go to the mall of america theyve got to be careful. There will be enhanced security that will be apparent. Federal security . There will be enhanced security there. Brendan johnsons agency, the department of homeland security, runs out of money friday. Tied up in congress, republicans are angry over president obamas plans to protect undocumented immigrants. Apple making its investment in europe. It will spend almost 2 billion making data centers in ireland and in denmark. The will be run by renewable energy. Tom valeant pharmaceutical will buy another company, 10. 1 billion. The Company Makes gastrointestinal drugs. Valeant was in a longtime attempt to buy allergan. A serial acquirer that cuts r d costs to boost profit. Olivia a rollup shop. Tom birdman was the date winner. It won 4 oscars, including best picture and best director. Join and more Julianne Moore won best actress for her role in still alice. Thank you so much. I read an article that said winning an oscar could lead to living 5 years longer. Id like to think the academy because my husband is younger than me. Tom best actor went to Eddie Redmayne, who portrayed Stephen Hawking in the theory of everything. 1. 1313 on euro. Nymex weak, breaching the 50 level. The two items i would watch front and center this week away from greece and ukraine. It has been a year since the ouster of victory gave the niche it has been a year since the ouster of viktor yanukovych. Thousands marched in kiev. Hans nichols joins us. Hans from berlin weve had quite a bit on the lack of a ceasefire. They are taking a wait and see approach. There have been positive steps including the Prisoner Exchange and negative actions. It is a wait and see approach from berlin. The ceasefire is their best hope for avoiding escalation. They want to give that rim to breathe and come into fruition. Olivia when you look at where the attacks are taking place, it looks like president putin is going for a land bridge to ricrimea. Is there a feeling that is inevitable . Hans theres a concern. The idea that territorial integrity needs to be respected. Sanctions have to not sanctions have not done a lot to influence mr. Putins behavior. Whether or not there is a land bridge, someone on the ground in ukraine would be in a better position thanme to comment. Tom let me move to greek drama. Erik schatzker is in athens. What is the focal point for the government on getting to tuesday . Erik it is all about tuesday. Any suggestion greece negotiated a 4month extension to the euro zone bailout friday is a stretch. More accurately described as follows. The only breathing room greece got was to get to tuesday. Varoufakis, the finance minister, has to submit a list of proposals to the 19 members of the eurogroup tonight. They will convene a Conference Call tomorrow morning to decide whether the proposals varoufakis submits will passed muster. If they do not, we returned to where we were friday evening. On the brink of a sovereign default and banking crisis. Varoufakis knows this the Prime Minister Alexis Tsipras knows this. Everything greece gets to the eurogroup is something it takes away from its people and would contravene preelection promises Alexis Tsipras and varoufakis made to the greek people. Brendan lets talk about the greek people. I saw a piece of graffiti that read, alexis the great. How was he seen returning to athens . As a hero . Erik it did not take much to make progress. Greece has felt the weight, it has been a burden of austerity. Not so much terms of austerity but terms of inflame enslavement that is how people feel. That is why you hear Alexis Tsipras and varoufakis talking about raising the minimum wage. Not because they want people to be bpaid more, but at the same level they were paid in 2012 before austerity was imposed in greece. Tom thank you so much, Erik Schatzker from athens. We mentioned valeant. No one at bloomberg surveillance is discussing the Business Plan valeant uses. Scott from New York University and josh from bloomberg economics. I dont know where to begin. The oscars or the fed . Olivia i want to go to the oscars. Tom a big deal tomorrow, chair yellen will do two days of testimony. What does she not want to do on the hill . She is going there with an agenda. She needs to stand up for fed independence. We could be in for two long days because this is a republicancontrolled congress. The other thing she is going to try and do is talk about data dependence. Those who watch this are going to hear that phrase in our sleep. Tom for guidance is dead . Those the minutes from january suggest they want to get rid of it. Olivia the first time the other one seat was unanimous since july. Is consensusbuilding . You actually find a fractious bed of yhow you red inflation data. Tom scott with us. Academy award watcher. I saw a fractious academy. It is not like they are going this way or thats way. Wat did what did you observe within the incredibly important u. S. Industry . I could not get over how political the show was. It seemed like it was one big political statement after the other. And a lot of the politics were getting Standing Ovations more than the audience. 60 of the population is conservative leaning. If they are doing a good job investing when they are so politically progressive. It is great red meat for liberals like myself. I thought it was a little bit overthetop in terms of the political stance. Tom i did not see it all. I had to get up and do a tv show. Olivia i thought it was ever the top in terms of dresses. Tom this is great. We will have a lot of fun. Jim with us from Morgan Stanley, coming up. Stay with us, bloomberg surveillance. Tom good morning, bloomberg surveillance. Im tom keene. Olivia stearns and Brendan Greeley. Brendan my morning must read is from the new york times. Writing, dont thank me for my service. He wrote about a veteran and said thank you. The veteran seemed uncomfortable. Richtel wrote, the thanks comes across as shallow. I think this issue, a good es say, it brings into focus something you have been feeling. I dont say thank you for your service. It feels inadequate and weird and more about me than about them. I think this is difficult for people who are of the age who could have enlisted and could have volunteered over the last 15 years but chose not to. This is the consequence of having an all volunteer armed forces. It means that serving or not is a choice which also means you somehow have to justify that choice. No matter which one it was. Olivia both of us brendan josh, do you say thank you . I do say thank you for your service. It is something symbolic, that is the most we cando. It speaks to the fact that people do not know what that experience means. Hopefully that gets people to inquire more. Olivia i say thank you for your service. I hope it is not offending anyone. You do not want to break the frame and an object the topic that does not fit in the context or the environment. That speaks to it as well. When you find the right moment it is a good conversation to have. Brendan sometimes, it feels as if it is more about us than them. When you talk about how proud you are a people who served. It is about defining who you are as a person. For me, it also comes down to choice. In this war we had a choice. We got to think about that decision. I would say it comes down to listening. Tina fey in bossybpants talks about how people respond to her scar. It is clear the way she describes it. It is funny and it is great. It is about what peoples reaction to the scar says then and not her. Olivia it is important to the country. It strikes in an emotional chord. Something we will see coming up in the campaign. Something american cyber touched on. Do you think the oscars matter . Tweet us. Tom good morning. Bloomberg surveillance, im tom keene. A five day work week. Lets get to our top headlines. Brendan greeley. Brendan two top stories we are following. In ukraine, casualties continue. Two troops were killed and 10 wounded in the last 24 hours. A military spokesperson says continuing attacks from prorussian separatists are delaying the pullback of heavy weapons. Another deadline for greece. Prime minister Alexis Tsipras has until the end of the day to come up with a new list of financial measures. Finance ministers will decide whether this go far enough. If so, bailout euros will keep flowing. Other stories making news. In nigeria, a female suicide bomber killed 7. The young looking girl jumped a barricade at a mobile phone market. 30 or injured. No immediate claims of responsibility. The terrorist Group Boko Haram has waged a campaign to impose islamic law in nigeria. Twono young actors convicted of insulting tilings thailands king will be jailed. Thailands laws against defendant royalty are the strictest in the european boston residents trying to remove mounds of snow from roofs. Wind chills will send temperatures below zero. Those are your top headlines. Olivia the hunt for yield has investors scouring the earth. Literally. Jim is a fixed income manager for Morgan Stanley. If you want to make money, put it down under. New zealands 10 year yield is trading around 3. 3 . Why are you bullish on an economy where sheep outnumber people 3 to 1 . It is a question of Monetary Policy cycles. My three policy cycles Monetary Policy cycles are out of sync. The fed looking to increase rates, the bank of england may follow. Others, like australia and new zealand, arebrendan is the kiwidollar on a jim caron high. Tom ive had this idea before. In utilities incorporates. You are looking at the fed, full faith and credit bonds. Is it so dangerous you are forced to go to new zealand because theres nowhere else to go . Certainly, yields have come down. Tom portugal is the same yield as the u. S. Brendan that is our fact of the day. Tom how does a professional work when portugals 10 year is the same as the u. S. Tenure . A lot of it comes back to our analysis. Brendan when we look come if you have a dollarbased portfolio and you are hedging returns back into dollars, id argue europe looks like one of the most attractive dollar equivalent yield strategies to put money into. Portugal, on a dollar equivalent yield basis, looks pretty attractive. It looks more attractive than new zealand or australia. Driven by centralbank policies. Tom do you said it set up your hedge with a trade . Simultaneously. We are not looking to take a lot of risk. Brendan settle a bet. Tom and i were looking at the yield on portugal. He said it is about Inflation Expectations with the euro. I said there is an element of good housekeeping. Portugal has changed its fiscal behavior in a way greece has not. You both won. Both of those factors are in line. It has been good housekeeping. Effectively, i think portugal has done a lot of the right structural reforms. In addition, you have a heavy does of the ecb and quantitative easing. Portugal to us looks like a very interesting candidate. It is not a large economy but it is an economy that is doing things relatively well and yields look attractive. So we feel like it is a good investment. Olivia where are you on u. S. Treasuries . Do you agree if oil stays interesting candidate. It is not a large economy but it is an economy that is doing things relatively around 40 1 would be a stretch. It is a question of Inflation Expectations. Maybe if we get comments from janet yellen tomorrow or at the march of the fomc. Yields, and the u. S. , when we look at risk premiums government bonds are expensive. It does not mean they cannot go lower and yields per you have to have circumstances play out. You need Inflation Expectations falling, you need global and u. S. Growth falling. We are seeing a meandering economy that seems to be percolate upwards. Not as much as we had hoped for. Inflation expectations have come down. We think that is more temporary relative to oil. It will probably start to move higher towards the second half of the year. Id argue we in a sweet spot for treasuries. They might grind a little higher but i dont expect them to move much higher. Olivia you know where there is inflation, disney world. The cost of admission is up over 100. Jim caron, fixed Income Portfolio manager from Morgan Stanley investment management. As we head to the break, i would love to hear from you. Answer our twitter question. Do the oscars matter today . Did you love Dakota Johnsons dress. We want to know. Tweet us. This is bloomberg surveillance, on tv and radio. Good morning everyone we are looking at oil this morning. That is a way to start a monday morning. This is from project syndicate michelson to laureate on investment. Policymakers should abandon the notion that benefit should be financed entirely with public funds. It should establish intermediation channels for longterm financing. One professor spence speaks him a we read. He is adamant that we are behind on investing whether a public or private partnership. It is ready straightforward. No question about that. It has been behind everywhere. This is something all developed economies are having difficulty with. When you make fiscal adjustments, you make them with the future in mind. It is easy to discount the future and cut infrastructure investments. I urge you to read Michael Spence this morning. Futures and negative five. Oil was above 50 when it walked in the door and now it is down to 1. 50. Let us get you to the top headlines as morning. Another humanitarian aid convoy will be sent to eastern ukraine. Ukraine has accused the convoys of delivering weapons for russian rebels and not aid. Russian rubles have resumed their attacks. Both sides have agreed to withdraw heavy weapons from the bowels of. The government in greece is trying to satisfy voters and euro area finance managers. Greece has until the end of the day today to come up with a new list of financial policies and reforms in exchange for that funding. As part of the agreement to extend the bailout for four months. We are in the process of them piling the list. We have promised the institutions and our partners that it will be submitted in good time. We are confident actually we are very confident that the list will be approved by institutions and therefore we are embarking on a new phase of civilization and growth. The greek government wants to prove they can make good on those election promises and raise wages and pensions. Two big problems of the british bank. Hsbc following a tax evasion scandal. They fell 17 . The banks still dealing with fall out from report on how it handled swiss accounts for tax invaders and criminals. Folks along the west coast are coming alive today after a contract been dispute. It may take eight weeks to clear. Since november, the dispute cut by half. An apparent mass Drug Overdose of molly at a university with at least one student in critical condition. It is a pure form of ecstasy that produces euphoria and sensory distortion. Onto something lighter, birdman was flying high last night at the Academy Awards. The story of a washed up actor trying to stage a comeback 14 actors including best picture and best director. Best actor was from the theory of everything. Thank you. Thank you. Thank yous to the academy. I am incapable of articulating how i feel right now. Please know that i am fully aware that i am a lucky man. Very good. Julianne moore won best actress for her role in still alice. The carpet was more interesting. It is about the conversation around the live event and that is what television is noticing and that is what you are seeing. I thought it was so exciting that everyone won for best actor that it was their first oscar. Other than Clint Eastwood walking through was there nine of history for you . Getting a Lifetime Achievement award. He was a brilliant physical actor playing the physical decay of Stephen Hawking. I was sad my boyfriend riley cooper was robbed boyfriend Bradley Cooper was robbed. You are going to win. You cant compete with that. Let us come back and continue this discussion. Lets do a day to check with futures up for. Euro 1313. Imax group 64 a barrel nymex crude 64 a barrel. One thing we heard at least twice a week over the Holiday Season was that retailers need to embrace on the channel. Scott galloway is still with us from nyu. He has opinions on the oscars and he deeply understands online retailing. You say stores are the new black. Brick companies are trying to figure out a way to have very robust ecommerce channels. Ecommerce companies you will see amazon open stores. Others are opening stores. Is the store to have a retail storefront to get walk in traffic or is it to have a warehouse or you can deliver things more efficiently if youre an online retailer . It is incredibly flexible robust warehouse is that are called stores. Does online not work if you are one individual brand because you need to create the instore theater . Shop up needs a physical presence . Name and Ecommerce Company that works. You know what the underlying Unit Economics are. Amazons transportation costs were 6 billion last year and they are going up 40 a year. Who just laid off 150 people . Keep going. I like this. I agree with scott. I question the whole internet retail thing. Last night, there was a moment in the oscars where cadillac is trying to move the whole thing to a soho image. We have the president of the company on. The juxtaposition of a soho stop galloway im cool and nyu cadillac right next to a jcpenney. Any brand that has been around multiple generations has the same challenge and that is how do you stay relevant or young . There are only two youth serums. The first is product development. Cadillacs product of element has been week for 30 years. But they have matthew mcconaughey. The other youth serum is great Digital Programming. Angela went over to apple as well. Can cadillac work with a rebranding and reimaging if they dont have the vehicles . Absolutely not. Butter products and a great Digital Program of the only youth serums other. They called it the caddy that physicszigs. He saw disappointing results out of product. Prada. Com is a place nobody shops. Has some of the weakest digital in america. The last two weeks in august, it stayed static. My thesis is mucci on a productana prada takes do they need it . Not shortterm, but long term this is where it is headed. What is this mean for our viewers and listeners . It is all esoteric digital branding. How does it devolve down to those listening on the radio and watching . Image Investment Companies with great multi channel retail. Image cup in hes like coach and the karen group will outperform companies that have weak digital. It means the coaches of the world and the guccis of the world will outperform their peers. When you are stronger digitally, your instore sales go up. How does this change the store . You say it has to be a warehouse but also an experience. You will pick up that organism blush that your wife wants from so for a from sephora. What is more convenient than ordering it from amazon is to go downstairs to the store down the block and pick it up. In the meantime, please answer our twitter questions. Do the oscars matter to you . We will be back in a moment. Bloomberg is back on the markets in 30 minutes. Good morning. This is bloomberg surveillance. We are just one day after the oscars. It was a media frenzy conversation. It will be a media frenzy. Betty liu joins us now. She will be talking about some of the hot button issues in the media landscape including this big question of will Rupert Murdoch go after time warner again. Oscars given us an excuse to talk about hollywood again. There were a lot of surprises and some snubs. For us in business what are the big surprises that might happen in 2015 . One of them may be that Rupert Murdoch doesnt take no for an answer. My he go again after time warner . Might he go again after time warner . Maybe. Another question we have is charlie going back to the ceo of dish. Why is he the most hated man in hollywood . This is a guy that has been sued by all for broadcast networks. His auto hopper feature is despised by anybody who runs a network. He has dropped channels like the walking dead or amc. He dropped them because he is not happy with their fees. He is voted it is voted as one of the worst places to work for. We will dig into that. He is not the most hated man in hollywood. On your twitter feed, you pointed out there is possibly a new entity for hollywood to hate. Critics major award shows will be broadcast on facebook later. There are more 1832yearold on facebook during prime time than all three networks combined. Binn goes with the eyeballs are business goes where the eyeballs are. Ad revenue was flat this year. It is surprising how long things take but shocking how fast they can happen. We are into the shocking how fast they can happen part. Tv is about to be the print industry. Viewership is down 12 . If you take out sports, it is ugly. Anything that is not a temple event, viewership is cratering which means ads will follow. That is why this has become so important. The only time you ever see a commercial is during the super bowl or oscars. The people of advertisers watching the oscars last night, what goes into the production . The tv level of production, not just the ceremony. Thank you olivia for that help whatever that dress is. It was a beautiful dress. Betty would look good on that. An ocean of lame. Scott galloway thinks it was an ocean of lame but what do you think . Tweet us. Good morning everyone. Oil 49 a barrel. That is the big news this morning. Right now, let us get to our top headlines this morning with Olivia Sterns. Deadline today for greece. It has until the end of the day today to outline its reform plan for international treasure. The extension is at stake here. Ukrainian government says it is starting to pull troops and tanks off the front lines. Withdrawal is the key to a truce that was struck earlier this month with prorussian fighters. Rebel attacks have not yet stopped completely they say. A new Counter Terrorism measure is coming to australia. Plans to strengthen immigration laws and crackdown on a terrorism. L. A. 69 people are dead after a f at least 69 people are dead after a boat saying in bangladesh. The death toll could rise. Seven months ago about 100 people died when a ferry capsize in the same river. And driver who was out of work three years ago is the champion of nascars biggest race. Joey logano won the daytona 500. He was dropped by Joe Gibbs Racing thousand 12 but was picked by roger penske. 87th annual Academy Awards were on last night. I slept through them. Scott galloway did not. He watched it so i wouldnt have to. He is one of the most quotable regular guests we have on surveillance. He said it was a fashion show and midst an ocean of lame. He said we are used to the convention was him that the only things that matter and television are these live events. Your point was that even that is not going to save tv channels. You are going to see more and more advertising dollars moved to where eyeballs are. That is going online. Consumers are moving to over the top and nonlinear viewing. Netflix will spend 3 billion in original content programming. Amazon is increasing investment in original content programming to 1. 5 billion. You have nonad supported sources of content, great content, popping up everywhere. Does it mean if we are looking at the disappearance of ad sales, is Video Production in general going to become a feeonly service . There will be more original scripted series this year than in the history of television i think. It is not great to be in the business of selling for eyeballs china. Selling for eyeballs right now. I think it will be a difficult business. Will we be out of a job . Know because i am working on about a script about an amazing news man trapped on a show with two other people trying to break through. This bloomberg has the most traffic site in business media. You are headed to where the buck is headed. I want you to jump in here olivia. To the people in the audience last night want to be movie stars or tv stars . Tv is 10 times the business. You get invited to cooler parties when you are a movie star. What movie did Jennifer Aniston star in . We have kevin spacey doing amazing original content. It is much easier to go downstream. It is harder for a tv star to be a movie star. Once a movie star stops getting invited to the oscars, they can get a tv show. What are the demographics of the oscar viewer . Oscars still get a huge audience. It is in the hundreds of millions. Has to be. It is live television. What if we did a red carpet on the way into jenna youngs testimony . It would do very well on digital. For barney frank, who are you wearing this evening . This brings us to our twitter question of the day. Was the oscars a fashion show amidst an ocean of lame . The oscars matter because they reflect societal trends. The second answer is it matters because indulgence is mocking the hardworking core of the world. Third and final answer here. Leonardo dicaprio still doesnt have one read where are we going . Who knows. The year of the titanic was the highest viewership. I watched it yesterday with my son. It is a fantastic film. It holds up well. Did he know daytona was on . More disconnected from the public. Did you see birdman and the grand Budapest Hotel . Grand Budapest Hotel is fabulous. Selma and sniper were shut out. Big studios and big franchises like titanic is what brings the viewers. Everyone that won the oscar was a firsttime winner. We will drop the oscar conversation before tom king gives up on me. Janet yellen going to the senate to testify. Josh, what are you looking for . Read the tea leaves. I think we will not get a lot of clues about timing. The whole idea is the fed wants to get away from calendarbased guidances. We will see janet yellen trying to walk back from some of the tools that has been used. Be patient and try to raise rates. She will try to say maybe that is not as important, think about the data. Sharpen your pencils. I think of the language right now. What is the appropriate question for a congressperson to ask now . What is the mystery question . One of the questions is how will you the inflation data versus the labor data because that is where you have a stark distinction. She will use it less than she used to. When you have such a strong labor market, all the metrics are Getting Better and better and inflation data is so weak so how do they balance the two sides and how do they come together . No one can agree on what the inflation data is telling. I have to jump in here. Slack is 2014. Things only tom king says. I was try to see how many days i can make my agenda green. I can still do it today. When you look at the Draft Agreement that greece set on friday that was kind of approved by the euro ministers, do you see any daylight there for greece to do what it wants to get done . Yes. I am surprised a lot. I thought given how weak a hand greece had that asking for more help it is all about the Budget Surplus. Will they tolerate rehiring government workers who were laid off . It is about the Budget Surplus. That gives them room to negotiate. It is a rendezvous for reality for the rest of europe because those Budget Surplus targets they had were too aggressive. The reality is that the core of the mandate was not about austerity or labels or bailouts or programs. Was about resuming social spending. Fixable budget gives you that opportunity to spend. I am are interested in dakotas dress. My agenda is ukraine. This is serious. The events over the weekend looking down south. It will have my attention through the week. Scott galloway, thank you. Josh wright, thank you as well. Coming up more on Bloomberg Television and bloomberg radio. Yes, the oscars. Good morning. Good morning. It is monday, february 23. You are in the loop and we are 90 minutes away from the opening bell. We are talking about the oscars and network television. We have two people who know the network tv game very well. Bob wright and mike dolan both joining me in a moment. Another day and another deadline. Greece has measures. Bellow funding will keep flowing if so. Sippers cyprus told greece there is more work to be done. We want to battle thats we won the battle, but not the war. The real difficulties including those related to the negotiations in our relationship with our partners are st